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Ferrari threatens to quit Formula 1

Ferrari yesterday threatened to quit Formula One if the FIA does not change its proposed rules for 2010.

Ferrari, the 2008 contructor champions, confirmed they will quit the Formula One 2010 series if the proposed US$60 million budget cap goes ahead.

Toyota, Red Bull and BMW have also voiced their intentions to leave the world championships.

The FIA has a May 29 deadline to lodge official entries for next year's F1.

Max Mosley, FIA president, said earlier this year: "It is simply no longer acceptable for teams to spend in the region of US$400m a year."

"Ferrari confirms its opposition to the new rules imposed by FIA and does not intend to register cars for the 2010 world championship," said a statement issued by Ferrari, after a board meeting in Maranello on Tuesday afternoon.

Ferrari said: "The same rules for all teams, stability of regulations, the continuity of the FOTA's endeavors to methodically and progressively reduce costs, and governance ... are the priorities for the future."

Mosley said last week that F1 could live without Ferrari, even though the Italian team is the only team to have been in the sport every single year since the league's founding in 1950.